Investing.com – Shares in Citigroup (NYSE:C) fell in pre-market trading Monday after the bank reported lower-than-expected revenue for the fourth quarter, as market volatility hit its fixed income division.
The third largest U.S. bank by assets reported revenue of $17.1 billion, compared to expectations for $17.5 billion. Adjusted earnings per share was $1.61, beating expectations for $1.55.
“A volatile fourth quarter impacted some of our market sensitive businesses, particularly fixed income,” Chief Executive Officer Michael Corbat said in the earnings release.
At 8:13 AM ET (13:13 GMT), Citigroup shares lost 1.22% to trade at $56.00.
For the year, Citigroup shares are up 8.89%.